USA > Massachusetts > Suffolk County > Professional and industrial history of Suffolk County, Massachusetts, Volume II > Part 25
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Although hostility to the Suffolk Bank system gradually abated as it became more widely extended, still many of the country banks felt that it was arbitary and oppressive. In 1834 the redemption business had increased from $80,000 to $400,000 daily. In 1838 the Suffolk Bank had practically a monopoly of the foreign money business. During the preceding five years it had paid to its stockholders an average annual dividend of eight and eighth-tenths per cent., and in September, 1839. it was voted to increase the capital to one million dollars. At the same time an extra dividend was paid out of its surplus profits. In 1842 re- demption had increased to such an extent that it became almost impos- sible to count the foreign money received daily. The average daily redemption in 1850 was about $250,000, and the business was very remunerative. Since the extra dividend of thirty-three and one-third per cent. in 1839 the bank had paid dividends to its stockholders of eight per cent. annually to 1844, and from 1847 to 1852 ten per cent. annually, besides which a surplus of $330,000 was accumulated. Dur- ing the year 1855, $400,000,000 were redeemed. This amount for New England alone was nearly double the sum redeemed for the whole United States for the fiscal year 1876-14 by the Redemption Bureau at Washington under the United States Bank act. For the years following
253
BANKING INSTITUTIONS.
1856, up to the time of the discontinuance of the system, was a period of bitter competition and hostility, which finally led the directors to abandon this feature of their banking business. This occurred in April, 1866, at which time the directors, in giving up the business, placed the following upon the records of the bank :
"The Suffolk Bank has had for many years no motive beyond that of securing to the community a continuance of the acknowledged bene- fits of the system. The labor, expense and risks of the business have been equal to any remuneration received from the use of the deposits. We can not consent any longer to have the bank placed in the position, as is charged against us, of carrying on the business merely for its profits, nor can we be expected to stand out against public opinion, prejudiced and excited, in sustaining a system, however beneficial to the public. after it has become unremunerative and hazardous to the stockholders of the bank. If public sentiment is now against it, and if it is less ap- preciated by the trading community and the city banks than hereto- fore, the cause is not to be found in the mode of pursuing it. The time has arrived for surrendering our agency in the system as herctofore conducted. Our responsibility in it must cease, because its main feat- ure, the right to send home bills for specie, can not be given up with- out destroying its efficiency, because our exercise of this right is effectually made use of by those hostile to the Suffolk Bank system to place the bank in a false position before the public, and because under existing circumstances the bank does not wish to stand in the way of a trial of the attempted experiment of a foreign money system to be conducted on less stringent principles."
For more than forty years the Suffolk system had exerted a most wholesome influence on banking in New England, keeping a salutary check upon the issues of the banks and giving this section a nearly uni- form bank note currency. "It was the underlying principle of the Suffolk Bank system," says Mr. Whitney in his history of this bank. already so largely drawn upon for facts and figures, "that any bank issuing circulation should keep itself at all times in a condition to be able to redeem it; that it should measure the amount by its ability to do so; and that the exercise at any time of the right to demand specie of a bank for its bills was something of which the issuing bank had no right to complain. The directors enunciated this principle when they first entered into the foreign money business in their controversy with the agent of the Springfield Bank in 1821, and they acted upon it dur-
254
SUFFOLK COUNTY.
ing the whole existence of the system, and they gave up the business because the exercise of the right was made use of effectually, by banks hostile to the system, to place the bank in a false position before the public. Yet the bank had not labored in vain; it found the currency of New England in a chaotic condition ; but by putting this principle in practice it had brought order out of confusion, and had compelled the banks to keep themselves stronger than they otherwise would, and to live up to a principle, the justice of which they could not deny, although the practice of it might cause them to forego some seeming immediate profits, and to this latter class must be attributed much of the hostility it provoked."
On the 15th of June, 1849, Mr. Henry B. Stone died, having served as president of the Suffolk Bank for twenty-three years, and to him, under the careful guidance and wise counsel of the foreign money com- mittee, was due the great measure of success which the bank attained. He was succeeded as president by Jeffrey Richardson, who had been a director since 1823. In 183: Matthew S. Parker, after having served for nineteen years as cashier, resigned, and was succeeded by Isaac C. Brewer. Mr. Brewer continued in the service of the bank for sixteen years, when he resigned, and Edward Tyler was elected in his stead.
Mr. Richardson continued as president until April, 1854, when fail- ing health compelled him to resign. Mr. J. Amory Davis was elected as his successor. In May, 1862, Mr. William Grubb died, after having served in the bank as principal officer of the foreign money depart- ment for nearly forty years. He was a most faithful, able and judi- cious officer. He was succeeded by Mr. Eli E. Russell, who had been in the employ of the bank for twenty-nine years. Mr. Russell remained in charge of this department of the business until it was discontinued.
After the passage of the present National Bank act in 1864, the Suf- folk Bank reorganized under that act as the Suffolk National Bank. At this time its capital was increased from $1,000,000 to $1,500,000. The redemption of foreign money now being at an end, the bank turned its attention to the regular business of discounting commercial paper. Its success was marked till the panic of 1843, having paid an average dividend of nine and three-eighths per cent. per annum, and accumulated a surplus of $200,000. It was in a strong condition when the panic came, and was able to meet all of its obligations without being obliged to resort to clearing house certificates by the pledge of its securities.
BANKING INSTITUTIONS.
On the 5th of May, 1865, Mr. Davis, the president, died. For a short time thereafter Mr. Nathaniel Davis temporarily served as presi- dent. He was followed by Mr. Samuel W. Swett, who resigned in in 1874, and Mr. Henry Austin Whitney was chosen as his successor. Two years later Mr. Whitney resigned to take the presidency of the Boston and Providence Railroad Company. Mr. Swett temporarily held the position until April 1, 1876, when Mr. Whitney was again elected president, in which position he still continues to serve.
The condition of the Suffolk National Bank, as reported to the comp- troller of the currency at the close of business, March 6, 1893, was as follows:
RESOURCES.
Loans and discounts
$2,581,508,07 2.47
Overdrafts, secured.
U. S. bonds to seenre circulation 50,000.00
Stocks, certificates, etc. 12,000.00
Due from approved reserve agents
246,636.71
Due from other National Banks.
253,162.02
Banking house, furniture and fixtures.
350,000.00
Current expenses and taxes paid
12,878,51
Checks and other cash items
346.00
Exchanges for clearing-house
79,395.00
Bills of other banks. 13,600.00
Specie
167,756.81
Legal tender notes.
26.000.00
Redemption fund with U. S. Treasurer (5 per cent. of circulation)
2,250.00
Total
-$3,795,535.59
LIABILITIES.
Capital stock paid in
$1,500,000.00
Surplus fund
300,000.00
Undivided profits
152, 179.45
National Bank notes outstanding. 41.250.00
Dividends unpaid. $11.50
Individual deposits subject to check
671,960.27
Demand certificates of deposit.
4,798.08
Certified checks
23,717.47
Cashier's checks outstanding
15,000.00
Due to other National Banks.
722. 783.57
Due to State Banks and bankers
360,089.25
Total.
83.995,535.59
SUFFOLK COUNTY.
NATIONAL CITY BANK.
In 1822, one year before the Bank of England resumed specie pay- ment, and three years after the financial crash of 1819 in this country, the City Bank of Boston was chartered. The charter, which was granted February 21, 1822, was to continue from April, 1822, to Oc- tober, 1832. The capital was to be $500,000 in gold and silver in addi- tion to such part as the Commonwealth should subscribe, divided into shares of $100 cach. Among the original stockholders, with number of shares purchased, were:
William Appleton 25
Jacob W. Knapp 20
William Appleton, trustee. 100
Edmund Munroe.
Benjamin B. Appleton
10
John McLean 100
George Brinley
70
Josiah Stedman
Abraham Babcock 60
Barney Smith. 50
Amos Binney
180
Samuel Train 30
Thomas Brewer 50
Winslow Wright 30
Thomas Cordis.
122
Theodore Wright 13%
Pliny Cutler
355
Seth Wright
100
Richard Cobb
100
Samuel K. Williams.
John llopkins_
200
Eliphalet Williams 50
The first meeting of the stockholders was held on Friday, March &, 1822, at the Old Exchange Coffee House, at which meeting two hun- dred and forty votes were cast and the following directors were chosen : Barney Smith, Thomas Cordis, George Brinley, Eliphalet Williams, Samuel K. Williams, Luther Faulkner, Pliny Cutler, Jesse Putnam and Joseph H. Adams. On February 19, 1827, the capital was increased to $1,000,000, and has since remained at this amount.
The City Bank was reorganized under the National Bank act, No- vember 16, 1864, when its present name, the National City Bank, was received. Its directors at the time the change was effected were: William T. Andrews, Charles W. Cartwright, Christopher C. Chadwick, Arthur L. Devens, Joseph B. Glove, Patrick Grant, Samuel R. Payson, S. Endicott Peabody and Charles L. Thayer.
The following is a list of all the presidents of the City Bank, with term of service, from 1822 to the present time:
Barney Smith, from Mar. 11, 1822, to Oct. 2, 1827.
George Brinley, Oct. 2, 1827, 6
6, 1836.
Francis J. Oliver, .4 6, 1836, " 8, 1839.
Daniel P. Parker, ..
8, 1839, " 20, 1840.
Charles W. Cartwright,
20, 1810, " Mar. 30, 1852.
2.57
BANKING INSTITUTIONS.
William T. Andrews, from Mar. 30, 1852, to Mar. 25, 1856.
Charles W. Cartwright, 25, 1856, " Aug. 26, 1856.
William T. Andrews, 16 Aug. 26, 1856, " Oct. 13, 1851.
Charles W. Cartwright, 6. Oct. 13, 1852, " Aug. 13, 1858.
William T. Andrews, Aug. 13, 1858, " Jan. 11, 1820.
Jan. 11, 1820, " Aug. 28, 1883.
Charles L. Thayer, Samuel R. Payson, Aug. 28, 1883, 19, 1886.
Wm. R. Dupee, pro tem .. " 19, 1886, " Oet. 22, 1886.
Arthur Burnham, Oct. 22, 1886, " Jan. 8, 1889.
Win. R. Dupee, Jan. 8, 1889, " Mar. 28, 1890.
Leverett S. Tuckerman, Mar. 28, 1890, " present time.
Mr. Tuckerman was elected vice-president April 22, 1889, and served until his election as president.
The singular alternations in terms of service between Messrs. Cart- wright and Andrews were occasioned by their mutual absences in Europe and elsewhere.
The cashiers of the City Bank have been as follows:
Samuel K. Williams, 1822 to 1823.
John Pickens, 1823 1826.
Eliphalet Williams, 1826 .. 1842. J. E. Williams, 1842 1851.
Charles C. Barry, 1851 " May 23, 1887. George W. Grant, May 23, 1881, " present time.
Charles C. Barry's connection with the bank began in June, 1832, as bookkeeper, and continued as such until 1851, when he was elceted as cashier. He resigned the latter office on May 23, 1887, after a contin- uous service in the bank for fifty years.
The present officers of the bank are: President, Leverett S. Tuck- erman ; cashier. George W. Grant; directors, Royal P. Barry, Richard Briggs, Edmund W. Converse, William R. Dupec, George Mixture, Edward L. Pickard, Samuel P. Colt, Henry B. Sprague, Alfred Winsor and Leverett S. Tuckerman.
The condition of the National City Bank, as reported to the comp- troller of the currency at the close of business, March 6, 1893, was as follows:
RESOURCES.
Loans and discounts
$2.035,897.94
U. S. bonds to secure circulation 50,000.00
Stocks, certificates, etc. 96,583.75
33
SUFFOLK COUNTY.
Due from approved reserve agents. . 185.673.01
Due from other National Banks
113,525.39
Current expenses and taxes paid. 19,966.39
Checks and other cash items. 1,350.40
Exchanges for clearing-house 203,039.99
Bills of other banks 11,825.00
Fractional paper currency, nickels and cents 734.35
Specie
95,120.00
Legal tender notes
50,000.00
Redemption fund with U. S. treasurer (5 per cent. of circulation)
2,250.00
Total
$2,865,966.22
LIABILITIES.
Capital stock paid in
$1,000,000,00
Surplus fund.
108,000.00
Undivided profits
50,858.30
National Bank notes outstanding
45,000.00
Dividends unpaid
40.00
Individual deposits subject to check
1,188,258.41
Demand certificates of deposit
12,798.27
Certified checks
24,594.05
Due to other National Banks
30,124.33
Due to State Banks and bankers
374,292.86
Bills payable
32,000.00
Total
$2,865,966.22
NATIONAL EAGLE BANK.
The banking institution, now known as the National Eagle Bank, was chartered the same day as the City Bank, under the name of the Merchants' Bank, with a capital of $500,000. The name was after- wards changed by the committee on banks to Eagle Bank. The petition for its incorporation was signed by the following merchants and capitalists: Henry Gray, Joseph Balch, William Goddard, Abbot Law- rence, William B. Swett, John A. Lowell, Josiah Marshall, Samuel Dorr, Elisha Bingham, Nathaniel Curtis, Henry Hall, Enoch Silsby, Titus Welles, Samuel May, Benjamin Thompson, Joshua Blake, Will- iam Lawrence and Robert Waterston.
The Merchants' Insurance Company was largely interested in the establishment of this bank, and at its outset in 1822 took 2,400 of the 5,000 shares of the corporation. Many of the original stockholders afterwards became of great business eminence, and some attained national and world-wide celebrity. The following are some of the most prominent of the original list :
250
BANKING INSTITUTIONS.
John Brooks.
Geo. Hallett.
Enoch Silsby
Enoch Bartlett.
A. & A. Lawrence.
Nath. Silsbee.
Wm. Boardman.
John A. Lowell.
Joshua Sears.
Nath. Curtis.
Elijah Loring.
Benj. Thompson.
John Colton.
John Lowell, jr.
Thomas Tarbell.
Samuel Dorr.
Josiah Marshall.
John Tyler.
Benj. V. French.
Samuel May.
Wmn. Tueker.
William Goddard.
James Means.
Francis Watts.
Nath. Goddard.
Jeremiah Nelson.
Titus Welles.
Henry Gray.
Oliver Putnam.
Thomas West.
Henry Hall.
Augustus Peabody. Ezra Weston, jr.
John Hooper.
Win. B. Reynolds.
Aaron D. Wild.
Benj. P. Haner.
Robert Roberts.
Benj. Willis.
Wm. B. Swett.
The original officers chosen by the stockholders were as follows: President, Titus Welles; cashier, H. B. Stone : directors, Titus Welles, Elsha Bingham, Ilenry Hall, Enoch Silsby, William Goddard, Thomas West, Augustus Peabody, John Williams, Robert Waterston, Benjamin Thompson, George Hallett and William B. Swett.
In 1853 the capital of the Eagle Bank was increased to $200,000, and in 1860 to $1,000,000. In April, 1865, it was reorganized under the National Bank act, under its present name of the National Eagle Bank.
This institution has had but three presidents: Titus Welles, who served from 1822 to 1851; Waldo Flint, from 1851 to 1862; and Robert S. Covell, who was elected in 1861 and still continues as president. lle has been connected with the bank for forty-three years.
The cashiers have been as follows: Henry B. Stone, from 1822 to 1825; John J. Fiske, 1825 to 1839; Waldo Flint, 1839 to 1851; Robert S. Covell, 1851 to 1861; Charles W. Melcher, 186; to 1868; and Will- iam G. Brook, from 1868 to the present time.
The condition of the National Eagle Bank, as reported to the comp- troller of the currency at the close of business, March 6, 1893, was as follows:
RESOURCES.
Loans and discounts .
82,089,644.09
Overdrafts, secured and unsecured. ..
142.80
U. S. bonds to secure circulation
50,000.00
Stocks, securities, etc. 24,905.84
Due from approved reserve agents
156,053.06
200
SUFFOLK COUNTY.
Due from other National Banks
187,036.74
Current expenses and taxes paid
20,274.50
Premiums on U. S. bonds.
7,000.00
Checks and other cash items
917.04
Exchanges for clearing-house
41,495.39
Bills of other banks.
8,668.00
Specie
141,091.47
Legal tender notes
61,575.00
Dne from U. S. Treasurer, other than 5 per cent. redemption fund
2,250.00
Total
$2,791,053.97
LIABILITIES.
Capital stock paid in
$1,000,000.00
Surplus fund
112,200.00
Undivided profits
112,904.76
National Bank notes outstanding
43,500.00
Dividends unpaid
20.00
Individual deposits subject to check
1,254,278.00
Demand certificates of deposit.
1,092.02
Certified checks.
4,401.63
Due to other National Banks.
212,531.93
Due to State Banks and bankers
50,122.63
Total
$2,791,053.97
COLUMBIAN NATIONAL BANK.
The Columbian Bank was incorporated by an act of the Legislature passed February 20, 1822. By that act Phineas Upham, Edmund Dwight, Samuel Appleton, William Appleton, Thomas Motley and Daniel Parker, their associates, successors and assigns, were incorpo- rated to continue from the third Wednesday in April, 1822, to the first Monday in October, 1831, the bank always to be subject to the same rights, privileges and immunities contained in the charter which incor- porated the State Bank, excepting certain specified modifications and additions. The amount of bills to be issued by the bank was not to exceed fifty per cent. of its actual capital in specie. Its capital was to consist of $500,000 in gold and silver, to be besides such part as the State might subscribe, and divided into shares of $100 cach. The first stockholders' meeting was held at the Exchange Coffee House on Tuesday, April 9, 1822, at which time the following citizens were chosen as the first board of directors: William Appleton, Warren Dutton, Edmund Dwight, William H. Eliot, Henry Lincoln, Amos Lawrence, Dudley L. Pickman, Thomas Motley, William Sturgis,
201
BANKING INSTITUTIONS.
Augustus Thorndike, Samuel Whitmire, jr., and Ebenezer Appleton. At the same time William Sturgis was chosen president, and William Coffin, jr., cashier.
The following is a complete list of the original shareholders of the Columbian Bank and the number of shares for which they subscribed :
William Appleton
100
William H. Eliot 50
William Appleton, trustec
300
John French 60
Samuel Appleton.
100
Samuel Henshaw 50
Nathan Appleton
210
Samuel F. Jarvis 25
Eliza Appleton 20
James Jackson. 50
Boston Athenicum.
10
William Prescott 30
Eliza Buckminster
15
William U. Prescott 40
Kirk Boott
150
Ebenezer Rollins 50
John Bromfield
40
Jeffrey Richardson 20
John Lowell, jr.
50
Springfield Bank
100
Giles Lodge 100
Ignatius Sargent
30
Amos Lawrence, trustee 6
Francis Stanton 100
A. & A. Lawrence.
180
Joseph Story
10
W. A. P. Lawrence
Mary Woodbury
10
Thos. & Edward Motley
255
Patrick T. Jackson
150
Munson & Barnard
100
Benj. Seaver
10
Robt. Means 20
Edward Sharp
10
Robt. Means, jr
10
Estate of Isaac Story 30
Bryant & Sturgis
190
Tappan & Mansfield 50
Andrew Bigelow
50
C. & A. Thorndike .. 50
Joseph Chapman
5
Phineas Upham
270
John Davis. .
10
George B. Upham
100
Edmund Dwight
50
Charles Jackson 50
Jonathan Dwight, jr
250
Jackson & Lincoln
W. & I. Dwight
Charles Lowell
Warren Dutton
100
William H. Ward & Co. 100
William Davis
50
Henry Upham 35
Franklin Dexter
20
Lucy Upham 3ยบ
Peter R. Dalton
20 John C. Warren 20
S. A. Eliot and S. Henshaw, trustees 200 Whitwell & Bond. 120
The following is a list of all the presidents of the Columbian Bank and the dates of their terms of service:
William Sturgis, Apr. 9. 1822, to Apr. 28, 1821
Joseph Tillen, 28. 1821. ** Aug. 1. 183%.
John G. Torrey,
Aug. 1. 1831. " .. 1, 1853
John T. Coolidge, 1. 1858. " decease Dec., 1889.
Frank E. Sweetser, pro. tem., Dec.
1889. " Feb. 6, 1890.
Horatio Newhall,
Feb. 6, 1590, " the present time.
269
SUFFOLK COUNTY.
Subjoined are the names of all who have served as cashier, with periods of service :
William Coffin, jr., April 10, 1822, to Nov. 12, 1850.
James M. Gordon, Nov. 12, 1850, " June, 1854. Albert Drake, June, 1854, " Sept .. 1864. James M. Gordon, Dec. 1, 1864, " Oct. 1, 1884.
Lorenzo W. Burlen, Oct. 1, 1887, " present time.
Long terms of service seem to have characterized the officers of the Columbian Bank, a fact which speaks equally well for the institution and themselves. The longest term of service was that of George Cushman, who died at an advanced age at his home in Hingham sev- eral years ago. lle came to the bank at its commencement in 1822, as its bookkeeper, and after forty-three years he retired on the 15th of May, 1865, the bank making him a present of $2,000 as a parting souvenir. Among the deceased directors who served for conspicuously long periods were John Gardner, formerly treasurer of the Hamilton Woollen Company; George M. Barnard, George W. Lyman, William R. Robeson and Isaac Sweetser, formerly president of the Washington Insurance Company.
The original locality of the Columbian Bank was at the southwest corner of State and Devonshire streets (formerly Wilson's Lane). From 18:1 until its removal to its present elegant quarters in the Ames Building, it was for about sixteen years located at 65 State street and for about five years at 60 Devonshire street.
In October, 1854, the capital of the bank was increased to $:50,000, and on April 16, 1861, to its present amount, $1,000,000. It became a national bank in April, 1865. The board of directors for 1892 is as follows: Charles Henry Parker, Joseph S. Lovering, George B. Chase, Gamaliel Bradford, C. A. Coleman, Charles W. Chamberlin, Frank E. Sweetser, Horatio Newhall, J. T. Coolidge, Herbert Lyman and Nel- son S. Bartlett.
The condition of the Columbian National Bank, as reported to the comptroller of currency at the close of business, March 6, 1893, was as follows:
RESOURCES.
Loans and discounts $1,439,282.71
Overdrafts, secured and unsecured 72.69
U. S. bonds to secure circulation 250,000.00
Due from approved reserve agents 320,927.26
263
BANKING INSTITUTIONS.
Due from other National Banks
128,311.98
Current expenses and taxes paid
229,177.88
Premiums on U. S. bonds
31,500.00
Checks and other cash items
955.22
Exchanges for clearing-house
86,349.87
Bills of other banks
4,522.00
Fractional paper currency, nickels and cents _
209.20
Specie
185,745.00
Legal tender notes .
30,820.00
U. S. certificates of deposit for legal tenders 20,000.00
Redemption fund with U. S. treasurer (5 per cent. of circulation) 11,250.00
Due from U. S. treasurer, other than 5 per cent. redemption fund
6,000.00
Total
$3,545,123.81
LIABILITIES.
Capital stock paid in
$1,000,000,00
Surplus fund
155,000.00
Undivided profits
90,308,99
National Bank notes outstanding.
82.250.00
Individual deposits subject to check
1,349,346.51
Demand certificates of deposit
12,603.58
Certified checks. .
4,314.68
Due to approved reserve agents
58,847.53
Due to other National Banks
342,275.46
Due to State "Banks and bankers
275,177.06
Bills payable
175,000.00
Total
$3,545,123.81
GLOBE NATIONAL BANK.
The eleventh bank which was chartered by the Legislature of Massa- chusetts was the Globe Bank, now known as the Globe National Bank. It was incorporated in June, 1824, with a capital of $:50,000, which was increased to $1,000,000 in 1827. The first board of directors was composed of Abel Adams, Levi Bartlett, Stephen Fairbanks, Samuel Henshaw, David Low, James Read, Benjamin Seaver, Enoch Sitsby. Lewis Tappen, Isaac C. Pray, Francis Watts and Daniel Weld. Isaac C. Pray was elected the first president of the bank, and served until December, 1829, and on January 11, 1830, James Read was elected as his successor. Mr. Read continued in office till March 14, 1842, when he resigned, and was followed as president by Ignatius Sargent, who served till December 21, 1864, when he resigned.
In March the Globe Bank was reorganized under the National Bank act and became the Globe National Bank. From the time the bank
264
SUFFOLK COUNTY.
was organized until the change was effected under the National Bank system, Charles Sprague, the " banker poet, " had served as cashier, and his connection with the bank served not a little to give the institution popularity and fame. After the reorganization as a national bank, the following were elected as directors: William B. Stevens, Ignatius Sar- gent, Stephen Fairbanks, F. H. Story, S. H. Pearce, N. Thayer, F. A. Gray, P. C. Brooks, E. R. Mudge. William B. Stevens was elected president and Charles James Sprague cashier. These two officers con- tinued to serve in their respective positions until 1881, when C. (). Billings was chosen president and Charles Cole cashier, and have since served as such officers. Mr. Billings has had a varied experience in banking and for some time very acceptably filled the responsible posi- tion of bank examiner.
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